Westports Holdings Berhad announced its financial results for the 4th Quarter of 2022, and the 12-month reported a total revenue achievement of RM2.07 billion in 2022. The container segment contributed 86% to total revenue by handling a throughput volume of 10.05 million TEUs
The lower transshipment containers handled of 6.08 million TEUs is a part-reflection of the challenging global external conditions and the consequent container shipping companies’ operational and service adjustments.
On the Company’s profitability, Westports achieved a lower Profit Before Tax of RM944 million for 2022. The lower profit reflected the significantly higher fuel cost by 69%; Westports purchases diesel at an unsubsidised price; the absence of non-recurrent insurance recoveries; and higher human resources cost as the Company implemented the revised minimum wage
earlier than required in January 2022.
At the bottom line, Westports reported a lower Profit After Tax of RM700 million, which was lower by 13% as the Company incorporated the one-year prosperity tax in 2022. With tax allowances arising from the Company’s investments, especially in new terminal trucks, Rubber Tyred Gantry cranes and Quay Cranes during the year under review, the Company’s effective
tax rate was 26% for 2022.
The Company paid its first interim dividend amounting to RM236 million in August 2022. The second interim dividend of 7.46 sen per share, amounting to RM254 million, will be paid on 17 February 2023.
